Mind Technologies, Inc.(fka MTEK)

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Mar 7, 2011 JEDM Annual Report - 2009-2010 Dec 31, 2010 Active

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Publish Date Report Title Period End Date Status
Mar 7, 2011 Annual Report - 2009-2010 Dec 31, 2010 Active

MIND TECHNOLOGIES, INC.
BALANCE SHEETS
(UNAUDITED)
December 31,
2010
December 31,
2009
Assets
Current assets
Cash and cash equivalents
$
186,414
$
687,089
Account receivable
4,000
-
Furniture, Fixtures and Equipment-net
74,538
1,163
Security Deposits
2,931
-
Total assets
$
267,883
$
688,252
Liabilities and Stockholders’ Deficit:
Current liabilities:
Note Payable-related party
$
5,309
$
-
Accrued expenses
21,485
$
24,485
Total current liabilities
26,794
24,485
Total liabilities
26,794
24,485
Stockholders’ Equity:
Common Stock Subscribed
138,201
-
Series A preferred stock, $.0001 par value, 200,000,000 shares authorized, 12,143,000 and 12,850,000 shares issued and outstanding, respectively
1,214
1,285
Common stock, 2,000,000,000 shares authorized, par value $.0001, 266,918,410 and 170,658,128 shares issued and outstanding, respectively
26,692
17,066
Additional Paid in Capital
1,568,870
1,430,059
Noncontrolling Interest in a Subsidiary
(110,303)
-
Accumulated Deficit
(1,383,585)
(784,643)
Total Stockholders’ Equity
241,089
663,767
Total liabilities and stockholders' equity
$
267,883
$
688,252
The accompanying notes are an integral part of these unaudited financial statements.
MIND TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31,
(UNAUDITED)
2010
2009
Revenue
$141,974
$ 284,416
Total Revenue
$141,974
284,416
Operating expenses:
Consulting
357,991
559,412
Advertising and Promotion
119,185
96,790
Stock for Services
43,580
180,250
General and Administrative
366,463
189,895
Total operating expenses
887,219
1,026,347
Loss from operations
(745,245)
(741,931)
Non Controlling Interest In a Subsidiary
59,984
-
Profit (Loss)
(685,261)
(741,931)
Net (loss) per share from
operations
Common shares outstanding
204,858,198
130,152,905
Net (loss) per share
$(0.0034)
$ (0.0057)
The accompanying notes are an integral part of these unaudited financial statements.
MIND TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,
2010
2009
Cash flows from operating activities
Net (Loss) for the period
$(685,261)
$ (741,931)
Non Controlling Interest in a subsidiary
(59,984)
-
Adjustments to reconcile net (loss) to
net cash (used) by operating activities:
Depreciation
18,098
-
Common stock issued
43,580
180,250
Changes in operating assets and liabilities:
Increase in Security Deposits, receivables
(6,931)
-
Increase (Decrease) on Accrued Expenses and Related Party Advances
2,309
(20,000)
Net cash (used) by operating activities
(688,189)
(581,681)
Cash flows from investing activities
Purchase of equipment
(91,473)
(1,163)
Net cash (used) by investing activities
(91,473)
(1,163)
Cash flows from financing activities
Proceeds from common stock
278,986
1,255,000
Net cash provided by financing activities
278,986
1,255,000
Net increase (decrease) in cash
(500,675)
672,156
Cash – beginning
687,089
14,933
Cash – ending
$ 186,414
$ 687,089
The accompanying notes are an integral part of these unaudited financial statements.
MIND TECHNOLOGIES, INC.
STATEMENT OF STOCKHOLDERS' EQUITY
JANUARY 1, 2009 TO DECEMBER 31, 2010
Series A
Series A
Additional
Common
Common
Preferred
Preferred
Paid in
Retained
Shares
Stock
Shares
Stock
Capital
Deficit
Non Controlling Interest in Sub
Common Stock Subscribed
Total
Balance January 1, 2009
108,466,089
10,847
13,000,000
1,300
1,013
(42,712)
-
-
(29,552)
Shares issued for services
2,650,000
265
179,985
-
-
180,250
Conversion of Preferred
15,000,000
1,500
(150,000)
(15)
(1,485)
-
-
0
Cash received for Stock
44,542,039
4,454
1,250,546
-
-
1,255,000
Net Loss for the year
(741,931)
-
-
(741,931)
Balance December 31, 2009
170,658,128
17,066
12,850,000
1,285
1,430,059
(784,643)
-
-
663,767
Shares issued for services
1,270,000
127
43,453
-
-
43,580
Shares issued for Cash
24,290,282
2,429
102,357
36,000
138,201
278,987
Series A conversion into common stock
70,700,000
7,070
(707,000)
(71)
(6,999)
-
-
0
Net Loss for the year
(598,942)
(146,303)
(745,245)
Balance December 31, 2010
266,918,410
26,692
12,143,000
1,214
1,568,870
(1,383,585)
(110,303)
138,201
241,089
The accompanying notes are an integral part of these unaudited financial statements.
MIND TECHNOLOGIES, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
FOR THE YEARS ENDED
DECEMBER 31, 2010 AND 2009
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Mind Technologies, Inc.. (the “Company”) was incorporated under the laws of the state of Nevada on October 15, 2004 under the name Blackhawk Financial, Inc. On April 29, 2009 the Company changed its name to Jedi Mind, Inc. to properly reflect the change in business direction. In August of 2010 the company changed its name to Mind Technologies, Inc. to avoid any conflict over the trade name “Jedi”.
The Company has developed software applications using a wireless headset which reads brainwaves and allows interaction with a computer via the software applications developed.
The Company is comprised of itself and its 60% owned subsidiary, Mind Solutions, Inc.
NOTE 2 - PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented
The Company consolidates it accounts with its 60%owned subsidiary, Mind Solutions, unc. All intercompany transactions have been eliminated in consolidation.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Cash and cash equivalents
The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly- liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
B. Fixed Assets
Fixed assets are recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed when incurred.
C. Research and development expenses
Research and development expenses are charged to operations as incurred. For the year ended December 31, 2010 $63,794 was incurred with $49,624 being incurred in 2009. These expenses are categorized as general and administrative expenses in the statement of operations.
D. Advertising expenses
Advertising and marketing expenses are charged to operations as incurred. For the year ended December 31, 2010 $119,185 was incurred and in 2009 $96,790.
E. Revenue recognition
The Company generates revenue from both consulting services as well as internet based sales of its software which is sold via downloads on ones computer. Revenues from consulting are recognized when the service is completed pursuant to a consulting agreement. The Company records internet based sales on its software upon completion of the downloaded product.
F. Stock-based compensation
We follow ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. The Company granted stock awards, at par value, to its officers, directors and advisors for services rendered in its formation. Accordingly, stock-based compensation has been recorded to date.
G. Income Taxes
Income taxes are provided in accordance with Codifications topic 740, “Income Taxes”, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Current income tax expense (benefit) is the amount of income taxes expected to be payable (receivable) for the current year. A deferred tax asset and/or liability is computed for both the expected future impact of differences between the financial statement and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. Deferred income tax expense is generally the net change during the year in the deferred income tax asset and liability. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be “more likely than not” realized in future tax returns. Tax rate changes and changes in tax law are reflected in income in the period such changes are enacted
H. Earnings (loss) per share
Basic earnings (loss) per share are computed by dividing the net income (loss) by the weighted-average number of shares of common stock and common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method. The calculation of fully diluted earnings (loss) per share assumes the dilutive effect of the exercise of outstanding options and warrants at either the beginning of the respective period presented or the date of issuance, whichever is later. As of the balance sheet dates the Company had no outstanding warrants.
I. Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net sales and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates.
These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.
NOTE 4 - RECENT ACCOUNTING PRONOUNCEMENTS
In February 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-09, “Amendments to Certain Recognition and Disclosure Requirements” (“ASU 2010-09”), which is included in the FASB Accounting Standards Codification (the “ASC”) Topic 855 (Subsequent Events). ASU 2010-09 clarifies that an SEC filer is required to evaluate subsequent events through the date that the financial statements are issued. ASU 2010-09 is effective upon the issuance of the final update and did not have a significant impact on the Company’s financial statements.
In June 2009, the FASB issued guidance now codified as ASC 105, “Generally Accepted Accounting Principles” as the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP, aside from those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all authoritative literature related to a particular topic in one place. The adoption of ASC 105 did not have a material impact on the Company’s financial statements, but did eliminate all references to pre-codification standards.
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE 5 – Fixtures and Equipment consisted of the following at December 31, 2010:
Furniture and Equipment consisted of the following:
Software
73,451
Office equipment
19,185
Total
92,636
Less: Accumulated depreciation
(18,098)
Furniture & equipment, net
74,538
Assets are being depreciated from three to five years using the straight line method. Depreciation expense in 2010 was $18,098.
NOTE 6 - LEASES
The Company leases office space in Cardiff Ca. Terms indicate a three year lease commencing April 5, 2009 with a monthly rental cost of $2,900 per months. Minimum future amounts due under this lease are as follows:
2010
$ 34,800
2011
34,800
2012
8,700
TOTAL
$ 78,300
NOTE 7 – STOCKHOLDERS’ EQUITY
Preferred Stock
During the year ended December 31, 2009, the Company converted 150,000 shares of Series A preferred stock into 15,000,000 shares of common stock. These shares were issued based upon the exemption from registration found in Section 4(2) of the Securities Act. The conversion feature is 100 to 1 share of common to preferred.
During the year ended December 31, 2010 the Company converted 707,000 shares of Series A preferred stock into 70,700,000 shares of common stock. The same exemption and conversion features applied in 2010 as in 2009.
Common Stock
During the year ended December 31, 2009, the Company issued 44,542,039 shares for cash totaling $1,255,000. Also during this year the Company issued 2,650,000 shares for services of $180,250.
During the year ended December 31, 2010, the Company issued 25,560,282 shares of stock, 1,270,000 shares for services valued at $43,580 and 24,290,282 shares of stock for cash of $104,786.
In addition the Company received $138,201 for common stock yet to be issued of 6,910,000 shares.
The Company also received during the year ended December 31, 2010 $36,000 for sale of stock in its subsidiary.
Non Controlling Interest in Subsidiary
The Company follows ASC 810 which replaced SFAS 160 in relation to minority interests in a subsidiary. The Company owns 60% of a subsidiary Mind Solutions, Inc. Its losses have been reduced for the Company’s proportionate interest and reflected in the mezzanine section of equity adjusted for cash received for stock. The loss from the subsidiary was $146,303 with cash received for stock of $36,000 resulting in a negative equity in this line item of $110,303.
Note Payable-Related Party
The company received an advance from a related party, terms indicate payment upon demand without interest.

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Mind Technologies, Inc. Signs Global Marketing and Distributor Agreement for Medical Applications

Wednesday, March 09, 2011 12:47ET

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CARDIFF, Calif., March 9, 2011 /PRNewswire/ -- Mind Technologies, Inc. (http://mindtechnologiesinc.com) (Pink Sheets: JEDM), a leader in thought controlled technologies, announced today that the Company has signed a global distribution and marketing agreement for the Company's medical applications. Mind Technologies is pleased to announce Mr. Tim Howell's appointment to our newly created Medical Sciences Division as an exclusive distributor. Initially, the agreement will cover the marketing of Mind Mouse and the Company's new proprietary headset. The Mind Mouse interfaces a person's brain with a wireless EEG type headset to a computer, allowing any medically handicapped individual to operate all functions, including e-mail and web browsing, completely hands free without the use of speech or manual controls.

This agreement is expected to expand to other applications that the Company is developing at this time. In addition under the agreement, the distributorship will include storage, marketing, sales, and training on use of the products. This arrangement will greatly reduce the need for inventory and costs for Mind Technologies which will enable the Company to maximize margin on sales.

Mr. Howell has a company goal of providing the Mind Mouse's medically assistive technology throughout the United States and Internationally to those suffering disabling diseases, eliminating their ability to communicate. He is a spousal care provider married to a mid-stage ALS patient diagnosed in 2003. She is beating life expectancy odds. Mr. Howell is a member of the International ALS Internet Forum, has worked closely with the National Muscular Dystrophy/ALS Association (Helping Jerry's Kids), state ALS associations, Hospice, Medicare, Medicaid, Insurance Associations, physicians and private medical suppliers. Mr. Howell is a law school graduate, former marketing executive for Honeywell Corporation and a 23 year manufacturing business owner. He will bring depth, perspective and sales expertise to the marketing development of Mind Technologies Inc.

"This is a milestone event for Mind Technologies," said Brent Fouch, CEO of Mind Technologies, Inc. "Global marketing and distribution of our products has been our goal all along and we have reached our first goal with our medical applications. This will also benefit our Company greatly by reducing the logistical efforts of conducting sales and maintaining inventory in-house. This means we will not have to shoulder any additional costs which will maximize value for our shareholders and our Company," Fouch said.

About Mind Technologies, Inc.

Mind Technologies, Inc. develops software for thought controlled technologies, allowing the user to interact with the computer and other machines through the power of the mind. The technology involves the use of a wireless headset, which detects brainwaves on both the conscious and non-conscious level. This revolutionary neural processing technology makes it possible for computers to interact directly with the human brain. The Company creates medical applications and video games that are controlled by the power of your mind.

Safe Harbor:

From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.

SOURCE Mind Technologies, Inc.

Contacts:

Jeff Dashefsky of Mind Technologies, Inc.
760-635-2595
[e-mail]

http://mindtechnologiesinc.com/

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JEDM

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